Has anyone heard about how compliance / risk will be effected?
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What were the four questions and what group are you in? Was internal HR asking or an external company?
What group are you with in Fort Mill?
Fort Mill SC.
We just began "phone interviewing" for our current positions?!?
What is the purpose of this? 4 Questions!
No idea how many will go.....but...were told
Lay-offs to begin Mid-October.
Don’t sign the severance agreement!!!! You give up all your legal rights to sue. The agreement is completely one sided. The company retains all its rights to disparage you. Also, after they let you go, the company can require you come back and tell them how you did your job, be a witness for any regulator action, witness in court. You also agree to give up any award amount due to a whistleblower lawsuit which could be significant given the challenges. They are paying you to keep your mouth shut. What’s your price?
Company has absolutely no obligation to provide severance packages unless they agree to and then must provide pkg consistently. Pkg can change without warning. Company generally gives some basic pkg to keep rage level down. If offered a pkg take it and get out for your own mental health move on.
by law they have to give you 60 day notice. a minimum of 15 days to sign off on the severance agreement and 60 to either waive or agree. If don't agree you can sue if you feel you have a case. If you agree you lose all rights but you get severance. keep in mind they changed the severance payouts this year, a reduced amount, likely because this has been in the works and reduces the cost of those severance packages. anything for a buck, the current state of corporate thinking driven by wealthy shareholders.
The beginning of the end.
This is all very pitiful news and comments that will ensure any existing Wells Fargo customers are going to be just as "solid" in their newly reinvented relationship with Wells Fargo as the company employees now appear to be. Not really good for keeping existing customers or hopefully getting any new customers. Even the great Wells Fargo employees who had nothing at all to do with the scandals are disgruntled now. Not a good forward looking plan for the company.
Sorry to hear that Orlando. :( How was the site notified? In person? Surprise visit?
The layoffs began in mid-August with the Orlando site being shut down and 60 day working notice was given. We thought we were safe and even site mannagers thought just some would be let go. Nope! All gone in one sweep: Underwriters, Closers and Processors.
Make sure to get vocal and cause a very public outcry about exeutive compensation during this workforce reduction period. Contact your congressman/woman and senator and bring to light the amount of bonus compensation these executives will continue to make as they offshore jobs and fire people destroying the financial future and security of many hardworking American families.
As everyone is saying, be sure to be loud to the regulators when they offshore your business process and let you go. Contact the Comptroller of the Currency, Federal Reserve, FDIC, FINRA, Bereau of Consumer Financial Protection, SEC, etc. Get loud, vocal, and be persistent. Spill the beans to the regulators and let them know about everything and every deficiency in the process you used to do.
The last thing Wells Fargo wants is 26,000 angry ex-employees going to the regulators to tell them about Wells Fargo internal processes. Make sure to document/memorize process names and those business leaders in charge of the processes.
Look at the number of EGS employees hired in India and the Philippines and its right around 25000 which is pretty darn close how many in the US will be fired. Management has public ally said they can’t find qualified US workers so the must go offshore.
If you are let go, make sure you request a copy of the list of everyone that has been or will be let go. It’s a requirement by law they provide you a list of who (probably using employee ID rather than names) with their ages. It will be very easy to tell if this is age discrimination.
I believe they'll be starting this week (typically Wednesday and Thursday) and continue on for years. So many departments will be effected it's hard to predict where they'll even start. The only positive is that they typically do not do layoffs during November/December.
Much like the recent IBM layoffs, everyone (ex-Wells Fargo employees) band together in a centralized location (such as this website, or if someone makes a website) to compile your personal stats about who is being let go. Ex-IBM employees have banded together and sued IBM for age discrimination. It might not go far, but it will be one last middle finger litigation you can give Wells Fargo.
Also make sure if you are in charge of a regulatory process to directly call the regulators when you are let go to let them know what process you oversighted, what business risk system you were in charge of that is now outsourced to India. Be sure to let the regulators know who the business leaders in your group are by name, what the processes are titled, and what business risk the processes mitigated for the company.
The last middle finger you can give the a--hole management of this company is to pile on the negative press, regulator pressure and inquiries, and litigation costs from the more than 26k employees who worked their asses off for a fraction of the pay of the executives (who of course will keep their positions).
Btw....letting go of a "10% of the workforce over the next three years" is corporate PR speak for letting go 25% of the workforce over 2.5 years. They are basically offshoring and using contractors to replace everything.
Good luck out there everyone and watch your backs, because Wells Fargo does not have your best interests in mind.
As early as this week (hopefully 60-day notice before separation) and company wide.
Three years of this B.S. due to incompetent, negligent leadership.